The Dubai Mall. Wikimedia.
A new report by estate agents Knight Frank reveals that the United Arab Emirates’s retail sector, which was already suffering before Covid-19 hit the region, isn’t out of the woods yet, Arabian Business reports.
The report estimates that domestic spending in Dubai and Abu Dhabi fell by 10.5 billion dirham (around $2.8 billion) in 2020, while Dubai makes up around 47 percent of declining spend across the UAE. Retailers in the city, which relies largely on demand from international tourists, continue to see low footfalls. Knight Frank predicts that the country’s retail sector will continue to face these challenges and expects stores to feel more pressure from rents.